Today’s News Synopsis:
Home sales in California increased last month, although the median prices have not shown much change amidst a struggling economy. According to the Labor Department, the number of claims of unemployment decreased by 14,000 to 351,000 last week. Mortgage rates are also on the rebound, although home loans are not expected to increase.
In The News:
Bloomberg – “Foreclosures Fall 8% in U,S, With Seizure Increase Coming” (3-14-12)
“Foreclosure filings in the U.S. fell 8 percent in February, the smallest year-over-year decrease since October 2010, as lenders began working through a backlog of seized properties, RealtyTrac Inc. said.”
Housing Wire – “Jobless claims decline by 14,000 filings” (3-15-12)
“Government data shows jobless claims falling by 14,000 to 351,000 claims for the week ending March 10, the Labor Department said Thursday.”
DS News – “GSEs Prohibited From Purchasing Mortgages With Private Transfer Fees” (3-15-12)
“The Federal Housing Finance Agency (FHFA) released its final rule regarding private transfer fees Thursday. After reviewing the 4,200 comments it received in response to its proposed guidance, the FHFA is issuing a rule that restricts Fannie Mae, Freddie Mac, and the Federal Home Loan Banks from taking on mortgages “encumbered by certain types of private transfer fee covenants and in certain related securities,” the FHFA stated Thursday.”
Bloomberg – “San Francisco Area Home Sales Climb on Investor Purchases” (3-15-12)
“Home sales in the San Francisco Bay Area rose 14 percent last month from a year earlier as investors bought a record share of properties, DataQuick said.”
San Francisco Chronicle – “Smaller homebuilders seeing signs of rebound” (3-15-12)
“Through the housing crisis, the challenges of big regional and national homebuilders such as Beazer Homes USA Inc. and Toll Brothers Inc. were widely broadcast. But the devastation in the industry also was acute for many private homebuilders and other small businesses that are part of the housing industry. Ruma is one of many smaller homebuilders now seeing early signs that the housing industry is recovering.”
Housing Wire – “Senators attach covered bond framework to JOBS Act” (3-15-12)
“A regulatory framework for covered bonds took another step forward this week, though not a conventional one. Sens. Bob Corker, R-Tenn., and Kay Hagan, D-N.C., attached S. 1835 the U.S. Covered Bond Act to the Senate version of the Jumpstart Our Business Startups Act, which passed the House last week. The JOBS Act contains a series of bills that strip out regulations and allow smaller businesses to go public sooner and access capital more easily.”
DS News – “Foreclosure Inventory Down From a Year Ago, Up From Previous Month” (3-15-12)
“While foreclosure inventory showed a year-over-year decline for January 2012, REO inventory held by servicers grew faster in January than the pace at which REO properties sold, according to CoreLogic’s National Foreclosure Report for January 2012 released Thursday.”
Inman – “Mortgage Rates Rebound” (3-15-12)
“Signs that an economic recovery remains on track sent mortgage rates rebounding from record lows this week, but the cost of home loans isn’t expected to soar.”
Housing Wire – “Home rental push jeopardizes affordable market rates” (3-15-12)
“More Americans are renting houses instead of buying them, a trend that could disrupt price affordability, analysts say. With more homeowners unable to secure mortgages and uncertain about future finances, renting is the only sure-fire way to live in a single-family property, according to Capital Economics.”
DS News – “Fannie Mae Announces Servicer Performance Scorecard Results” (3-15-12)
“Fannie Mae announced results for its annual Servicer Total Achievement and Rewards (STAR) program performance scorecard Thursday.”
Los Angeles Times – “California home sales increase as prices continue their slump” (3-15-12)
“California home sales were up in February but median prices remained mired in the muck of a lackluster housing recovery.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 4 bedroom, 2 bathroom home appraised for $143,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.
14,369 new and resale houses and condos sold in Southern California in February 2011, according to MDA DataQuick. A survey showed the majority of large fund managers did not expect interest rates to increase in the near term. ForeclosureRadar said default notices in California decreased 29.6% year over year. A study from NAHB economists showed that a family who earned $80,000 per year and bought a $200,000 house would receive $41,138 in tax benefits over the entire term of home ownership.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.